Mineral Resources stock starts underground work at Mt Marion

Published on 11/03/2026 at 20:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Mineral Resources stock drew fresh attention as Mt Marion moved toward underground mining. First portal blasts mark a new phase for the lithium operation.

Mt Marion moves underground

Mineral Resources has started blasting for an underground access portal at its Mt Marion lithium mine.
The move comes as the company manages a transitional production year at Mt Marion.
FY27 guidance remained unchanged after record mining services volumes and lithium sales in the September quarter.

Mineral Resources, AU000000MIN4, Illustration mit AI erstellt.

Mineral Resources has fired the first blasts for an underground access portal at the Central pit of its Mt Marion lithium mine in Western Australia. The company reported the step on Tuesday, November 3, 2026, in the investor updates carried on its Q1 FY27 quarterly activity report.

Underground work begins at Mt Marion

The first portal blasts mark the start of underground access work at the Central pit. Mt Marion is in a transition year, with mining activity shifting as the northern pits open under a planned high-stripping profile.

In the September quarter, material moved at Mt Marion increased 23 percent from the previous quarter, while ore mined fell 45 percent. Production declined 13 percent to 71,000 dry metric tonnes of spodumene concentrate equivalent, and recoveries fell to 52 percent as the operation processed a higher share of lower-grade contact ore.

Mineral Resources said the strip ratio should decrease through the financial year as higher ore volumes are exposed in the N11 area. Construction of a flotation plant has also started, while long-lead equipment procurement is under way.

Record volumes support wider operations

The Mt Marion development follows a stronger group start to FY27. Mining services production reached a quarterly record of 103 million tonnes, up 10 percent from the preceding quarter, while attributable lithium sales reached a record 170,000 dry metric tonnes of spodumene concentrate equivalent, up 8 percent.

The company maintained its FY27 guidance across all divisions. At Onslow Iron, attributable shipments reached 5.0 million wet metric tonnes and the quarterly FOB cost was 53 US dollars per wet metric tonne, below the guidance range of 54 to 58 US dollars.

Mineral Resources stock traded at 27.83 euros on Lang & Schwarz at 8:15 p.m. CET on Tuesday, November 3, 2026. Investors can follow the real-time quote of Mineral Resources stock.

Australian equities remain the broader market backdrop for the stock; investors can follow the S&P/ASX 200.

Further developments at Mt Marion, including the underground ramp-up and flotation plant construction, will shape the operation's contribution as Mineral Resources executes its FY27 plan. See more news and analyses on Mineral Resources stock.